Airbnb sees ‘travel rebound of the century’; loss widens on debt payment

Airbnb Inc. beat analysts’ estimates for bookings in the first quarter, reflecting pent-up demand for travel after a year of Covid-19 restrictions. But the lingering effects of the pandemic could still be seen as the company’s loss ballooned, a result of repayment of debt it took on during the height of the crisis.

The San Francisco-based company, which went public in December, reported $10.3 billion in gross bookings in the three months ended March 31, a 52% increase from the year earlier period and well beyond the $7.57 billion analysts’ had predicted. Revenue rose 5% to $887 million, also beating analyst’s projections.

“While conditions aren’t yet normal, they are improving, and we expect a travel rebound unlike anything we have seen before,” the company wrote in a letter to shareholders accompanying the results.